Capgemini Research Institute’s World Payments Report 2025 highlights the advent of a financial services industry ‘reimagined with account-to-account and instant payments’. It says non-cash transaction volumes globally rose to 1411 billion in 2023 and are expected to touch 1650 billion in 2024. And by 2028, the number could be a phenomenal 2838 billion. The report also predicts that instant payments will account for 22% of all non-cash transaction volumes by 2028 globally.
The report says Account-to-Account (A2A) instant payment solutions are becoming a faster and cost-effective way to pay and this is fast replacing expensive card networks. “The rise in their popularity may threaten to challenge the dominance of traditional payment cards, with estimates suggesting they could offset 15-25% of future card transaction volume growth,” the report states.
APAC SHINES
The report highlights that Asia-Pac region is one of the fastest growing regions for non-cash transactions with a 20% YoY increase in 2024 compared to Europe (16%) and North America (6%). “The region is leading the instant payments charge in terms of volume growth, with instant payments accounting for 26% of the payment mix in 2023. B2B payments are catching up with the digital trend, and APAC is leading the charge in global B2B non-cash payments with 14% YoY growth projected for 2024, compared to Europe (11.6%) and North America (7%), the report says.
Denne historien er fra October 2024-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October 2024-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
It's a bank and a brokerage - FinecoBank
FinecoBank of Italy is a highly tech-enabled bank that is a combination of a bank and a brokerage:
A model for cloud adoption - Zurich Cantonal Bank
The bank is had opted for cloud to offer better service to its customers:
RBI Governor urges NBFCs to adhere to fair practices code
The Reserve Bank of India (RBI) Governor has urged Non-Banking Financial Companies (NBFCs) to strictly adhere to the Fair Practices Code, emphasizing sustainable growth and robust risk management in the sector.
Automated, Adaptive, Al-enabled Architecture is a must
Security heads from 2 BFSI companies reveal the key cyberfrauds and strategies to combat them:
Fraudsters too gain ground as real-time payment systems grow
There is a need for the technologies behind the real-time payment systems to gain a march over the methods of fraudsters:
Ethics & Challenges of AI in Cyber security: Navigating the Moral Maze
Even as AI is finding its place in the cyber security domain, an entirely new frontier of ethical challenges awaits.
Bangladesh Finance: 25% faster customer service; 15% higher customer retention
Bangladesh Finance, established in 1999, is a leading financial institution in Bangladesh.
Fino sparkles with technology & brand upshift
Fino Payments Bank started operations in June 2017, providing banking services to mass market customers, who are largely rural-based.
Savington Upshifts: 48% Faster, Churn down 31%
Savington International Insurance Brokers LLC, founded in 2006 by Dev Maitra, is a prominent insurance provider in the UAE.
Zoroastrian Bank: Multiple awards for being the Best
Established in 1927 by Sir Hormusjee Cowasjee Dinshaw Adenwalla, Zoroastrian Bank is a prominent urban cooperative bank headquartered in Mumbai, India.
